Stefano’s Pizza location sells for $3.25 million

Nick McBrideOn the Grow

Hope everyone had a safe and happy Fourth of July celebration. It was nice to have the long weekend! It’s fun to see the communities in Knox County gathering, and, though I couldn’t attend all of the local festivities, it was fun passing out candy to the kids and connecting with so many friends and new acquaintances.

Last week ended the fiscal year in our office. The total number of documents recorded during our fiscal year was 97,401. This included 14,972 warranty deeds and 25,776 trust deeds. The value of the warranty deeds for the fiscal year was over $6.6 billion, and the value of the trust deeds was just under $9 billion.

Continuing with the 2022 calendar year, June’s 7,345 documents included 1,855 trust deeds with a total value of $589,742,226 and 1,327 warranty deeds with a total value of $534,976,486.

There were 1,998 documents recorded in the week ending Friday, July 1, and of those, 488 were trust deeds with a value of $172,764,348. The highest value loan of the week, $24.52 million, was funded by Capital One NA. The second highest value of $5.4 million was funded by PSOF LO Knoxville, LLC, and coming in third was a $4 million loan funded by Mountain Commerce Bank. The other loans were:

Warranty deeds made up 388 of the total documents and had a total value of $161,634,054. There were 24 property transfers over $1 million with 8 commercial properties changing hands.

Four of the high value property transfers were in the still growing Hardin Valley Community. Hardin Valley Land Partnership GP sold a 31-acre undeveloped property to Brookstone Steele Road LLC for $5.65 million. Two properties in front of that lot also changed hands. Hardin Valley Land Partners GP sold two adjoining lots to Brookstone Hardin Valley Commercial LLC for $1.9 million. These properties are directly across from Hardin Valley Elementary at the intersection of Hardin Valley Road and Steele Road.

Nick McBride

Another property sold in the Hardin Valley community was between Clayton Properties Group Inc. and the new owner, AG EHC II Multi State 2 LLC. This $3.07 million price included 48 lots in the new Hayden Farms Subdivision on Sam Lee Road. And on Lovell Road, Peak Land Company Rentals LLC purchased 10 acres of land at 1033 Lovell Road (near the sports complex) for $4.29 million.

On Hollywood Road close to Sutherland Avenue, six residential properties have a new owner. MLT Properties sold 6 houses to Barnes Capital Management for $1.1 million.

Stefano’s Pizza has been an icon on Cumberland Avenue for years, and last week the property occupied by the restaurant was sold after being owned by the same people since 1989. Core Knoxville Cumberland LLC purchased the property from the private owner for $3.25 million. Not far from the Cumberland Strip, the building at 303 Concord Street, across from Tyson Park was sold from 303 Concord LLC to Fair Lane Properties LLC for $2.03 million. And the final commercial property sold was on Richards Street in the downtown area. PSC Metals LLC sold 29 parcels of vacant property on Richards Street to Knox Oncore LLC for $1.2 million.

The three-year comparison shows us that the numbers of trust deeds have gone down though the money is still close:

If you haven’t yet heard, the register’s office has a new Property Fraud Alert system in place. It is easy to sign up and it’s free. After enrolling your name(s), any time a document is recorded that affects your name, an email alert will be sent to you. This way if anything fraudulent happens it can be dealt with quickly. Your property is probably your most valuable investment, and our aim is to give you peace of mind. To enroll, simply go here. Next, click on REGISTER HERE. Follow the prompts, check your email for the PIN number you’ll be sent, and then go back to the site to enter that PIN number. Be sure to write your password down because we cannot retrieve it for you. If you need assistance or have questions about the program, please give our office a call at 865-215-2330.

Have a great week!

Nick McBride is register of deeds for Knox County

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